2 direct debits requirement

jamels2

I am interested in changing bank accounts to get a bonus and good savings rate for around 2-5k balance (effectively my emergency fund), however I only have one direct debit (my mortgage).
It looks like all the switching accounts require 2 DDs?
I guess I could get a sim online phone contract, as I currently do PAYG.
Tesco does a 7.50 one which is more than I need as I currently top up 5-10 a month.
So just wondering should I do this or is there any banks which give a switching bonus for only one direct debit? I'm currently on nationwide with poor interest in the current account and only .30 interest in the savings account.
Many thanks

moneywow1

HSBC only need 2 standing orders (which you can set up to yourself)

Or find a charity that accepts DDs of £1-2

Or get a cheaper mobile contract (you can get them from £5) - this is probably the best option as you already spend more than this each month

YorkshireBoy

jamels2 wrote: »

I am interested in changing bank accounts to get a bonus and good savings rate for around 2-5k balance (effectively my emergency fund), however I only have one direct debit (my mortgage).
It looks like all the switching accounts require 2 DDs?
I guess I could get a sim online phone contract, as I currently do PAYG.
Tesco does a 7.50 one which is more than I need as I currently top up 5-10 a month.
So just wondering should I do this or is there any banks which give a switching bonus for only one direct debit? I'm currently on nationwide with poor interest in the current account and only .30 interest in the savings account.
Many thanks

How much research have you done? Of the first two offers shown on this very website neither of them require direct debits.

abz88

As moneywow1 has said, HSBC just needs 2xstanding orders. But they are quite picky with customers. So it might be better looking at First Direct, they offer £100 with no DD or SO requirements, so just need to pay in £1000 within then first 3 months.

You don't need to save with the same bank. Look at Marcus if you need easy access for savings, much better % than HSBC or First Direct.

Zero_Sum

You have a mortgage so you have a house
How do you pay your gas, electric, water, council tax etc?
As all of these can be paid by DD

NedS

Zero_Sum wrote: »

You have a mortgage so you have a house
How do you pay your gas, electric, water, council tax etc?
As all of these can be paid by DD

along with TV license, car tax, broadband/landline, mobile phone contract, or regular monthly payments into an ISA or SIPP or other savings accounts.

tryin

https://www.smalldirectdebit.co.uk has direct debits for £1 a year, and very easy to set up. Less of a faff, but still £1 a year more than the suggestions above.

PRAISETHESUN

https://forums.moneysavingexpert.com/discussion/5734632

Various options for getting around DD requirements can be found here.